Public Bank owned, LPI Group kicked off 2024 with a strong performance in the 1st Quarter of FY2024 (1Q2024) recording a Group’s Profit Before Tax (PBT) jump of 39.3% to RM127.3 million in 1Q2024 from RM91.4 million in the corresponding
quarter in FY2023 (1Q2023). PAT was also higher at RM101 million as compared to RM73 million the preceding years quarter.
The group said the increase was driven by higher profit from the general insurance segment, mainly due to a higher Insurance Service Result. The investment holding segment similarly recorded a higher PBT of RM19.9 million as compared to RM9.0 million in 1Q2023, owing to higher dividend income received in 1Q2024 from equity investments. Net Profit
Attributable to Shareholders for the quarter under review increased by 37.3% to RM101.3 million from RM73.8 million in 1Q2023. Likewise, Net Return on Equity improved to 4.6% from 3.6% while Earnings Per Share was reported
higher at 25.43 sen as compared to 18.53 sen in 1Q2023.
For 1Q2024, LPI Group’s Revenue registered a 1.4% growth to RM469.8 million from RM463.3 million in the previous year. The Revenue growth was largely attributable to the performance of the investment holding segment, which recorded a higher dividend income. Meanwhile, the general insurance segment recorded a lower revenue of RM447.9 million as compared to RM452.2 million in 1Q2023 arising from lower recognition of insurance revenue.
Lonpac Insurance Bhd (Lonpac), the Group’s wholly-owned insurance subsidiary, posted a PBT of RM107.5 million in 1Q2024, representing an impressive 31.4% year-on-year increase from RM81.8 million.
